Bitcoin is trading around $30,500 for the last week. Price has stopped the rise exactly below the April highs and key horizontal resistance. After breaking out of the short-term bearish channel, Bitcoin produced a bullish signal. Trend remains bullish as price continues to respect the blue upward sloping support trend line. As long as price holds above the blue support trend line, bulls have the upper hand. Price has been forming higher highs and higher lows since October of 2022. The RSI has been providing bearish divergence signs with lower highs. Nevertheless trend remains support and controlled by bulls.
The material has been provided by InstaForex Company – www.instaforex.com
Black line – April highs
Blue line- support trend line
Red lines- bearish channel broken
Bitcoin is trading around $30,500 for the last week. Price has stopped the rise exactly below the April highs and key horizontal resistance. After breaking out of the short-term bearish channel, Bitcoin produced a bullish signal. Trend remains bullish as price continues to respect the blue upward sloping support trend line. As long as price holds above the blue support trend line, bulls have the upper hand. Price has been forming higher highs and higher lows since October of 2022. The RSI has been providing bearish divergence signs with lower highs. Nevertheless trend remains support and controlled by bulls.
The material has been provided by InstaForex Company – www.instaforex.com
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